Markets rejoice as Beijing reverts to managed float
Stock futures and commodities rallied on Monday in response to the People's Bank of China's (PBoC) decision on Saturday to loosen the renminbi's rigid dollar peg, and revert to a managed float of the currency.
The New York Mercantile Exchange's crude oil futures gained more than 2% by 09:14. Copper futures rose 4.6% as investors plumped for commodities in anticipation of a boost to sales caused by exporters' improved ability to compete in the growing Chinese market. Asian bourses closed higher
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